HSBC Egypt published its third quarter results on Thursday showing a decline in net profit by 77 percent year-on-year to register LE82.5 million.
In total, HSBC Egypt registered LE564 million in net profit for the first nine months of 2013 -- a 47 percent decline from the same period of the previous year.
In the third quarter of this year, profit before interest was down 13 percent to reach LE187 million year-on-year, which HSBC attributed to weaker profits from investment.
Deposits reached LE50.7 billion, showing a 7.4 percent increase from the third quarter in 2012.
As a result, the loan-to-deposit ratio decreased to 42.2 percent from the 43 percent achieved in December 2012, which indicates a slight decrease in liquidity.
The company is not listed on the Egyptian stock market.
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